GT Solar Receives $460.4 Million Order for Advanced Sapphire Crystallization Furnaces
03 Giugno 2011 - 2:00PM
Business Wire
GT Solar International, Inc. (NASDAQ: SOLR), a global provider
of polysilicon production technology, and sapphire and silicon
crystalline growth systems and materials for the solar, LED and
other specialty markets, today announced that it has received an
order for its advanced sapphire crystallization furnaces totaling
$460.4 million from a new market entrant. The order is GT’s largest
single order to date, and represents a significant milestone for
the company as a leader in the fast-growing LED industry. The
order will be included in GT’s backlog for its current Q1
FY12, which ends on July 2, 2011.
GT Solar's ASF(tm) advanced sapphire
furnace (Photo: Business Wire)
“Our customer is a well established, diversified manufacturing
company located in China who is new to the LED industry. We are
pleased that they have selected our advanced sapphire growth
technology for their new sapphire production facility,” said Tom
Gutierrez, GT Solar’s president and CEO. “The market acceptance of
our sapphire growth technology has been remarkable and it speaks to
the confidence our customers have shown in our ability to help them
build successful businesses that leverage our crystalline growth
expertise and our global equipment installation and support
resources.”
According to Strategies Unlimited, an industry analyst firm that
tracks the LED industry, revenue for high brightness LED
applications will be approximately $19 billion by 2015, with
general lighting applications accounting for about 25 percent of
this total. High brightness LEDs are primarily manufactured on
sapphire wafers. This growth is driving the expansion of
manufacturing capacity to meet the increased demand for high
quality sapphire material.
About GT Solar International, Inc.
GT Solar International, Inc. is a global provider of polysilicon
production technology, and sapphire and silicon crystalline growth
systems and materials for the solar, LED and other specialty
markets. The company's products and services allow its customers to
optimize their manufacturing environments and lower their cost of
ownership. GT Solar will be changing its name to GT Advanced
Technologies as it establishes a new global brand. The new name
reflects the broader range of markets and technologies the company
now addresses since its acquisition of Crystal Systems in July of
2010. The transition to GT Advanced Technologies is expected to be
completed in August 2011. For additional information about GT
Solar, please visit www.gtsolar.com.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
in nature, including statements regarding expected revenue from
customer contracts and the expected performance of the sapphire
furnaces. These statements are based on management’s current
expectations or beliefs. These forward-looking statements are not a
guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside the
Company’s control, which could cause actual events to differ
materially from those expressed or implied by the statements.
Factors that may cause actual events to differ materially from
those expressed or implied by our forward-looking statements
include the possibility that the Company is unable to recognize
revenue on customer contracts, that technological changes could
render existing products or technologies obsolete, the Company may
be unable to protect its intellectual property rights, competition
from other manufacturers may increase, exchange rate fluctuations
and conditions in the credit markets and economy may reduce demand
for the Company’s products and various other risks as outlined in
GT Solar International, Inc.’s filings with the Securities and
Exchange Commission, including the statements under the heading
“Risk Factors” in the Company’s annual report on Form 10-K for
fiscal 2011 filed on May 26, 2011, and the quarterly report on Form
10-Q for the third quarter of fiscal 2011 filed on February 10,
2011. GT Solar International, Inc. is under no obligation to, and
expressly disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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